BANGLADESH

Prime minister Sheikh Hasina has urged the United States for allowing duty-free access to Bangladeshi products to its market.

At a luncheon organised jointly by Asia Society and US Chamber of Commerce on Tuesday, Sheikh Hasina said, "I would urge our good friends in the Congress to play a proactive positive role in granting duty-free access to our products to the US market."

"If the current high tariff on apparel and textile products is waived, it would contribute to our economic development and social transformation, particularly the empowerment of women," she said.

She pointed out that in the garment sector, 85 percent of the workers are women and their contribution is improving children's health and education as well as the overall socio-economic scenario of Bangladesh.

Speaking of the country's investment-friendly policies, Hasina said she is confident that US investors would explore new areas of interest in Bangladesh.

"I assure you all that my government will do its utmost to guarantee that you are comfortable with your businesses in Bangladesh," she said.

"Once our policy of opening up roads, railways, waterways and air to our neighbours is fully implemented, Bangladesh will become a bustling centre of economic activities," she added.

Dwelling upon the investment-friendly policies of Bangladesh, the prime minister said the country offers equal treatment for local and foreign investors, legal protection against nationalisation and expropriation, guarantee for repatriation of capital and dividend, protection of intellectual property rights, corporate tax holidays, concessionary duty on the import of machinery, export subsidies, as well as unrestricted exit policy.

She acknowledged that the US is already the largest investor in Bangladesh, with interests in key areas such as energy, power, manufacturing, insurance, banking and services.

Foreign minister Dipu Moni and Federation of Bangladesh Chambers of Commerce and Industries president A K Azad were also present at the luncheon.

Prominent US business figures, US Chamber's vice-president Tami Overby, Asia Society president Vishakha Desai and former World Bank president James Wolfensohn also spoke at the event.